Steve Madden to buy Mexico licensee for $15m
US footwear and accessories specialist Steve Madden has signed an agreement to acquire its Mexico licensee for US$15m as it looks to expand its presence in the country.
Trendy Imports SA de CV, Comercial Diecisiette SA de CV, and Maximus Designer Shoes SA de CV - collectively known as SM Mexico - has been distributing products in department stores and 21 Steve Madden-branded stores since 2005.
The agreement, which is subject to certain conditions, is expected to be accretive, contributing around $0.02-0.03 in diluted earnings per share in 2015, and will likely close in January.
"Mexico is a strong and growing market for the Steve Madden brand," said chairman and CEO Edward Rosenfeld.
He added that Steve Madden plans to enhance its presence in leading department stores, expand into new wholesale accounts, grow its portfolio of own brand stores and introduce certain of its other labels into the Mexican market.
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